SOURCE: CT Realty Investors

CT Realty Investors

October 25, 2011 16:39 ET

CT Realty Announces CT/KDF Community Development "Living Fit" Project in Tennessee

ALISO VIEJO, CA--(Marketwire - Oct 25, 2011) - Aliso Viejo, Calif.-based CT/KDF Community Development Partners, a joint venture between CT Realty Investors and KDF Communities, has provided $9.4 million in New Markets Tax Credit (NMTC) financing to develop a new $28.35 million wellness center in Jackson, Tenn. The financing was provided in concert with Wells Fargo Bank, which led a consortium of community development entities including CT/KDF in financing the project.

Financing for the center, known as "Living Fit in Tennessee," will be used to build a 99,117-square-foot facility serving the healthcare, retail and other needs of the community. Living Fit will feature a 75,000-square-foot community center and offer fitness and wellness programs, swimming pool, primary care clinic, a physical therapy rehab center and an aqua therapy program. The remaining space will be used for retail to support additional needs of the community. The Living Fit project is expected to create more than 80 permanent jobs and 320 construction jobs.

The wellness center is a major component of a 17-acre redevelopment called CityWalk in downtown Jackson. The large-scale project is designed to revitalize the downtown area and stimulate the new development of an attractive, thriving community. CityWalk will include a retail center, 144 units of multi-family housing, 50 lots for single-family housing, improvements to the public infrastructure, and parking.

CT/KDF's financing for the Living Fit project was generated through the company's NMTC allocation from the federal government. CT/KDF received $90 million in late 2006 from the Community Development Financial Institutions Fund (CDFI) of the U.S. Treasury Department for investment in distressed areas.

"The federal New Markets Tax Credit program is targeted toward investment in new construction or substantial rehabilitation of properties in low-income areas," said Sarah Woodward, chief investment partner for CT/KDF. "Compared to conventional, market-rate financing, NMTC money is very attractive and may be the only financing available for a worthy project in a lower-income neighborhood. Living Fit will bring important health services, new retail and much-needed job opportunities to this community."

Living Fit is CT/KDF's fifth transaction using its NMTC allocation. For more information, please visit www.ctkdf.com or contact Sarah Woodward at 714/544-9930.

Since its establishment in 1994, CT Realty Investors has completed more than 200 transactions with value in excess of $2.5 billion through a series of 10 independent private equity real estate funds, and continues to invest in institutional quality industrial properties, debt instruments, multi-family properties and other income-producing assets. The focus of CT Realty's investment activities is to acquire well-located assets in major markets with the potential to enhance their value through a solid, hands-on management approach. For further information, visit www.ctrinvestors.com.

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